Euro Kiwi – EUR/NZD decline lower into its 1.6120 support level after price rejected its 1.6830 resistance level as we expected in our 12th May 2016 Market Outlook. Traders who went short as we recommended in our 12th May 2016 Market Outlook and 1st June 2016 Market Outlook may consider taking partial profits off the table with a trailing stop behind to trail the position. Since price had breakout below its 1.6120 support level, we are then likely going to see price continue to decline lower into its 1.5840 support level in the coming days. Traders who missed out the two shorting opportunities may still hunt for potential short setup when price pullback into the 1.6120 resistance level (Previous support level) to jump on this bearish momentum.
Gold – Gold shot up significantly higher into its 1259.30 resistance level after price rejected its 1202.00 support level as we expected in our 3rd June 2016 Market Outlook. Traders who went long as we recommended may consider scale out the position at the 1259.30 resistance level to lock in profits while trail the remaining positions with a trailing stop. Price is likely going to continue to rally higher into its next resistance level at 1308.00 as price had took out the 1259.30 resistance level. Traders who missed the buying opportunity may still hunt for potential buy setups when price pullback into the 1259.30 support level (Previous resistance level).
Kiwi Dollar – NZD/USD blow through its 0.7045 resistance level which opened up the door for potential further rally in the coming days. We now have a clearer direction after the breakout. Traders may look for potential buy setups especially at the 0.7045 support level (Previous resistance level) as there’s still room for price to move till the next resistance level at 0.7200.
Posted on 2016-06-09 06:30:05